Maine Life Care Retirement Community Inc

Analysis

Maine Life Care Retirement Community Inc is a registered charity in United States, based in Scarborough, ME. It received its IRS tax-exemption ruling in March 1996, 30 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Maine Life Care Retirement Community Inc reported income of $28.9m and spending of $30.4m, spending 105% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $22.7m to $28.9m (+27%), an average of +6.2% a year. The sharpest change came in the year to December 2023, when income rose by 18%. Over the whole period it spent 99% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Maine Life Care Retirement Community Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within ME. Charities of a similar size with the same main cause include Kinnert Inc ($28.8m), Paisano Housing Redevelopment Corporation ($29.0m) and Habitat for Humanity of Lee & Hendry Counties Inc ($28.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.6% and program service revenue 95% of the total. Compensation of current officers, directors and key employees was $442k (1.5% of expenses). Other salaries and wages came to $11.0m. At year end it held assets of $178.0m against liabilities of $194.3m, net assets of -$16.3m. It reported 371 employees.